Company’s vision therapy solution AmblyoPlay has already helped thousands of kids worldwide tackle problems like lazy eye.
Slovenia-based company Smart Optometry, which is developing digital solutions for eye care, has raised €300,000 in a new round of funding from venture capital fund Fil Rouge Capital based in Zagreb, Croatia. The company will use the latest investment to fuel its expansion in the North Americas, Wester Europe and Oceania, company’s current strongest markets.
Smart Optometry was established back in 2015 with the aim of digitalizing the eye care industry. Global trends are indicating that half of world population will be shortsighted by 2050, which makes a need for quick diagnosis, prevention and treatment of eye problems one of the biggest healthcare priorities. It’s first solution – an app for eye doctors – is being used by more than 150,000 doctors worldwide, while their flagship product AmblyoPlay already helps several thousands kids overcome serious eye problems, such as lazy eye, strabismus or convergence insufficiency.
While these issues sound like a niche problem, up to 5% of world population suffers from this kind of problems which could easily be prevented and treated with a targeted and personalized training program. Out of all our senses, vision and sight is the one we rely most upon. »We absorb 80% of all knowledge through vision, so you can imagine what an impact vision problems have on academic success of a child,« added Žan Menart, CEO of Smart Optometry.
Vision therapy through AmblyoPlay is delivered in the format of therapeutic games and exercises that stimulate a patients vision and improve their visual function. »Current methods of vision therapy are repetitive and somewhat boring, so kids don’t enjoy doing these exercises. It was very important to us that we deliver our therapy in a format that attracts kids, as compliance to the training is paramount for successful recovery,« said Menart.
Throughout the years, the company has worked with some of global healthcare giants, such as Bayer and GE Healthcare and has participated in Health Venture Lab, cohosted by EIT Health. The company also won Gold Award for Innovation as the Most Innovative Young company in 2018 by Slovenian Chamber of Commerce. Fil Rouge Capital’s investment sees a third investor coming on board, following the earlier investments by a corporate VC fund Kolektor Ventures and Salus, region’s largest medical wholesaler.
»We are thrilled to have Fil Rouge Capital join our cause. We strongly believe that technology should be used to change the lives for the bettering of the future on the individual level and with Fil Rouge Capital’s experience and expertise, we are convinced we will be able to do this on a larger scale much faster,« Žan Menart concluded.